This chemical is primarily used in organic synthesis as a versatile intermediate for constructing complex molecules. Its structure, featuring both bromomethyl and iodo substituents, makes it valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and material science research. It is also employed in the development of liquid crystals, agrochemicals, and fine chemicals due to its ability to introduce functional groups into aromatic systems. Additionally, it serves as a building block for synthesizing ligands and catalysts used in asymmetric synthesis. Its reactivity allows for precise modifications in drug discovery and the creation of advanced materials.